{
  "docId": "019dd923-622c-750b-8b9b-b1168ab6bd8a",
  "docSlug": "ddfbb08119f4",
  "documentTitle": "Multiple holdings (Pershing Square portfolio)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2016-04-26 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 42,
  "pageCount": 82,
  "prevPage": 41,
  "nextPage": 43,
  "slideType": "executive_summary",
  "function": "establish_context",
  "density": "balanced",
  "nDataPoints": 0,
  "notes": "The slide serves as a company profile and thesis summary for an activist investor deck.",
  "elementsJson": [
    "headline_text",
    "logo_grid",
    "bullet_list",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-b1168ab6bd8a/42",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-b1168ab6bd8a",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-b1168ab6bd8a.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-b1168ab6bd8a#slide-42",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.77,
        "x": 0.2,
        "y": 0.82
      },
      "kind": "callout",
      "text": "We believe that HHC trades at a discount to the value of its assets",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bea38ae3-eb66-48f2-81c8-1c146a13c6c1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.17,
        "x": 0.04,
        "y": 0.19
      },
      "kind": "image",
      "text": "Howard Hughes Corporation logo",
      "attrs": null,
      "subkind": "logo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d897a7b4-5679-4998-ad76-731133b51a43",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.75,
        "x": 0.22,
        "y": 0.19
      },
      "kind": "list",
      "text": "HHC was formed so that certain GGP assets, whose full value was not realized in a mall REIT, could receive appropriate management attention and recognition in the public markets. Comprised of income-producing operating assets, master planned communities (\"MPC\") and strategic developments. Now in its fifth year as a public company, management has designed and launched a comprehensive development and / or monetization plan for each asset. Historically a consumer of cash, HHC is transitioning to a cash generator as assets reach stabilization (with recurring cash flow streams) and its Hawaii condo towers are completed. David Weinreb’s March 23rd shareholder letter was the beginning of an effort by HHC to provide increased transparency to the market.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a84bff98-66d3-416a-884d-f3b54d0b7399",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.55,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "Howard Hughes Corporation",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6ae9f080-fc03-4d72-85e9-70f01b349723",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Executive summary",
      "slug": "executive-summary",
      "agent": null,
      "layer": "slide",
      "matchId": "3bd355f3-30ec-4f50-948b-390581979ade",
      "evidence": "HHC was formed so that certain GGP assets, whose full value was not realized in a mall REIT, could receive appropriate management attention and recognition in the public markets.",
      "confidence": 0.9
    }
  ],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}